Retiring with an Eye on the Economy
Gradual changes are the bane of long term plans. It is all too easy to let the changes slip by unnoticed until it is too late to react to them. Inflation is one of these gradual changes that threaten your retirement savings. Inflation is out of any one person’s hand to change, it is a natural path of any economy and is something that any civilization deals with from the onset. Yet, it is still easy to fall prey to it’s creeping inevitability. It is a fact that each dollar you put in to your savings account will not have the same buying power when you withdraw it. Compounding this issue is the fact that Social Security benefits raise on a different, slower, scale than inflation meaning that you are effectively losing purchasing power every year you are in retirement. There are many ways to combat this issue, though, all at varying degrees of risk. For more information on this subject, visit this article by Maurie Backman with The Motley Fool.
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